I was able to modify owncast to stream HLS segments that are outputted by OBS directly instead of re-encoding the video on the server -- got it down to 10 seconds stream delay in my experimental test!
https://git.sequentialread.com/forest/owncast/src/branch/develop/core/directhls/directhls.go
https://github.com/ForestJohnson/owncast/blob/develop/core/directhls/directhls.go
Small server part of the pixie.town infrastructure. Registration is closed.
https://git.sequentialread.com/forest/owncast/src/branch/develop/core/directhls/directhls.go
https://github.com/ForestJohnson/owncast/blob/develop/core/directhls/directhls.go